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It’s time to update your referral marketing plan. At the top of the to-do list, taking a look back at who gave you referrals.
Where do your referrals come from and how is it changing? Take the opportunity to review the last 12 months. Setting referral goals for the coming year is important, but looking back may prove even more useful than looking forward. What has worked? Who merits more attention? If someone is referring less than they used to, how has that relationship changed?
Here are a few things to consider for insights on how you attract referrals and how to keep them growing.
How many people referred you? Stacey Brown Randall, referral ninja and guest on our podcast, believes this is the single most important statistic in your referral marketing plan. The more who are willing to refer you, the richer and more consistent will be the flow of referrals.
Who were your top referral sources? If your revenue is related to assets under management, you can probably tell me your top five or 10 clients off the top of your head. They are the golden eggs. The people who referred them are the goose.
Who did they refer? Have your most prolific referral sources been sending the kind of client you want to attract? If not, this is an opportunity to clarify your niche.
What’s your plan to nurture those relationships? We say it all the time – it’s a relationship business. Keep your referral sources on top of your mind and you can more easily maintain top of mind awareness with them. Our research shows that firms that receive the most referrals give their top referral sources special treatment. Have a plan to touch base periodically. Gift strategically. It’s great if it looks like a surprise to them. It works most reliably if it is a plan for you. Be careful not to let it become transactional. That diminishes the relationship.
How was the activity from last year’s top referral sources? Take a look for anyone who’s referral activity has dropped off. There may be good reasons for it: natural cycles of business activity, changes in their business. If not, maybe the relationship could be reinvigorated.
Staying in touch with the needs and desires of the people you serve and responding as they evolve characterizes a Client Driven Practice. Your referral sources deserve that kind of attention, too.
Life has changed over the past year and so have the needs of your clients. Stay in touch by taking your client advisory board virtual. Click here to get your free report on seven ways to make your virtual board meeting a success. https://cabkit.clientdrivenpractice.com/virtualrules/
Related: Finding the Minimum Effective Dose for Advisor Marketing